India (among other countries) have passed so called "hostage-taking laws" that require large social media companies to have in-country employees that can be strong-armed from ways small to large (threats of being convicted of treason and executed).
This is a specific policy to allow them to enforce their censorship laws in other countries.
Payroll is one of the very few (only?) things that "pierces the corporate veil" - that is, the principals / board members are personally liable even in the event of corporate bankruptcy.
You could engage a labor lawyer, but if this was pre-series A and the founder was self-funding, there might not be any personal assets there either.
If you think the folding of the company is in good faith, you might just want to take the loss on this one.